The project initiation phase is the critical phase within the project life-cycle. It is also called the project pre-planning phase and about stating the basic characteristics of the project. To successfully initiate a project, you need to know which basic steps to be carried out to develop a business case, undertake a feasibility study, develop a project charter and others.
Here are the basic steps of the project initiation phase:
1. Create a Business Case.
A business case document is the formal start of the project when the project sponsor or the project initiator gives a description of the business problem/opportunity. The project is to be initiated to address the problem or provide alternative solutions. The business case document will include the business problem and potential costs associated with the project implementation.
2: Make a Feasibility Study.
A feasibility study is a research conducted to determine whether the project can be accomplished and to identify the likelihood of the alternative solutions. The feasibility study investigates whether the benefits stated in the business case can be delivered. It also depicts relationship of business costs with the project solutions.
3. Develop Project Charter.
Once the business problem/opportunity and possible solutions have been identified, your next step is to develop a project charter which is the critical document of the initiation phase. The project charter essentially describes what your project sets out to solve the business problem, and what the boundaries of the project will be. It specifies the project vision, goals and objectives, scope and boundaries, deliverables and expectations, project organisation and an implementation plan.
4. Assign Project Management Team.
The project charter is developed so you can proceed with identifying human resources required for delivering the project and achieving its goals. You will need to appoint the management team which will take the primary responsibility for the planning and implementation of your project. The Project Committee should be established and the project manager should be assigned. Then the project manager will work on recruiting the project team and making project assignments. Once the team is recruited and assignments are made, the project initiation phase is almost finished; only one step is ahead.
5. Perform Project Review.
Your last step to take through the project initiation phase is about reviewing your project. A review stage should be conducted to ensure that the project is successfully initiated – this means all of the initiation activities are completed. Once the project is reviewed, the project planning phase will be.